UAE-based SHUAA Capital invests in MENA music streaming platform Anghami

By Rahul Vaimal, Associate Editor
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Anghami App Image
Representational Image

Leading UAE-based asset management and investment banking platform SHUAA Capital has participated in the latest funding round conducted by the MENA region’s leading music streaming platform Anghami.

Founded in 20212, Beirut, Lebanon-based Anghami is the first music streaming platform in the region. The platform currently serves more than 70 million users with an extensive catalog of 50 million+ songs.

Sharing his excitement about the transaction, SHUAA Capital CEO Mr. Jassim Alseddiqi stated that “We are delighted to have led the funding of Anghami. As a team, we have been working closely with Anghami, bringing our expertise in originating and structuring deals to bear in order to successfully complete this investment round.”

“Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region in 2012 and delivering exponential growth since then. At SHUAA Capital, we continue to seek out investments with the potential to create significant value for our investors and for our investee companies such as Anghami. This is a continuation of our investment journey into the technology space and we are keen to invest in technology solutions and services,” the SHUAA Capital CEO remarked.

Elie Habib Image
Elie Habib
Co-founder – Anghami

“As Anghami continues to target rapid growth and penetration, combined with our dedicated focus on profitability, we are delighted to have secured the support of SHUAA Capital and its co-investors in this latest round. Having last raised funds in 2016, it was important for us to partner with the right investors, who understand our region and our growth model, and that is what SHUAA Capital and its co-investors represent for us.”

Recent research conducted by business consulting firm Grand View revealed that Anghami delivered 10 billion music streams in 2019 with the continued growth of over 21.0 percent expected from 2020 to 2027 (compared with 17.8% for the overall global CAGR).